Capital flows from the "JD ecosystem" are gaining momentum. According to Tianyancha data, the Suqian New Momentum Equity Investment Fund (Limited Partnership) (referred to as the "Suqian New Momentum Fund") was officially established on May 19, 2026, with a total capital commitment of 10 billion yuan. The fund's business scope includes equity investment, investment management, and asset management activities. The investors in this fund comprise several Suqian state-owned entities and industrial capital. Among them, Jiangsu Yanghe Group Co., Ltd., a wholly-owned subsidiary under the Suqian city-owned investment company Suqian Industrial Development Group Co., Ltd., committed 300 million yuan. Suqian-listed company Yanghe Co., Ltd. committed 100 million yuan through its subsidiary Jiangsu Yanghe Investment Management Co., Ltd. Suqian Yufeng Industrial Investment Development Management Group Co., Ltd., a state-owned entity from Suqian's Suyu District, committed 300 million yuan.

In addition to Suqian state capital and local industrial investors, investment parties from the "JD ecosystem" collectively committed 300 million yuan. Specifically, Suqian Huiyuan Investment Management Co., Ltd. committed 200 million yuan; Suqian Tianzhi Times Enterprise Management Co., Ltd. committed 90 million yuan; and Suqian Zhizhou Enterprise Management Co., Ltd. committed 10 million yuan. Suqian Zhizhou Enterprise Management Co., Ltd. serves as the fund's executive partner. A shareholding trace reveals that this company is held by JD.com founder Liu Qiangdong and his wife, Zhang Zetian. Furthermore, the fund manager is Shanghai Jinshundong Investment Management Co., Ltd., a subsidiary under JD Technology.

According to a previous announcement by Yanghe Co., Ltd., the fund's target size does not exceed 13 billion yuan, and its investment focus will be on projects within frontier technology, the broader consumer sector, and the healthcare field. The establishment of the Suqian New Momentum Fund reflects a deep integration of resources between the "JD ecosystem" and local Suqian state-owned and industrial capital, as well as the continued deepening of JD.com's industrial layout in the Suqian region. The close collaboration in equity investment between local state capital and private enterprises is also expected to potentially inject new financial momentum into related sectors such as frontier technology and the broader consumer market.

Li Chengdong, founder of Haitun Think Tank and an e-commerce analyst, commented that the majority of the fund's capital comes from Suqian local state-owned entities, with JD.com serving as the manager, representing an effective model for market-oriented fund operation. "Suqian is not a first-tier city. Leveraging the market-oriented investment capabilities of a well-known private enterprise can, to some extent, compensate for the local government's shortcomings in 'lacking professional project judgment and industrial ecosystem,' thereby achieving industrial breakthroughs. This model involves 'state capital providing funds, and private enterprises contributing expertise and industrial resources,' working together to add value in sectors like frontier technology and major consumer areas," he elaborated.